Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ), a leading provider of branded cannabis products and operator of Sunnyside dispensaries, has announced the results of its annual general and special meeting of shareholders held on July 10, 2024.
During the meeting, shareholders voted to set the number of directors on the Company’s board at eight (8) for the upcoming year. The following nominees were elected as directors by a majority of the votes cast by shareholders either present virtually or represented by proxy:
- Charles Bachtell
- Tarik Brooks
- Gerald F. Corcoran
- Marc Lustig
- Thomas J. Manning
- Randy D. Podolsky
- Michele Roberts
- Robert M. Sampson
Additionally, Marcum LLP was reappointed as Cresco Labs’ auditor for the next year.
Shareholders also approved an ordinary resolution to endorse the Amended and Restated Cresco Labs Inc. 2018 Long-Term Incentive Plan (the “Amended Plan”). This amendment increases the share pool by adding 20,000,000 subordinate voting shares available for issuance under the Amended Plan. The share pool will remain at this increased level until 10% of the issued and outstanding subordinate voting shares reaches or exceeds this amount, following which it will be determined on a rolling 10% basis. Cresco Labs intends to maintain this 10% rolling plan in the long-term, with the additional shares serving as interim measures to appropriately incentivize employees and directors.
Furthermore, shareholders supported the Option Exchange program at the meeting. This initiative allowed certain employees to exchange out-of-the-money stock options for a reduced number of new stock options (the “New Options”), valued neutrally. The exercise price of the New Options is set at the higher of the closing price of Cresco Labs’ subordinate voting shares on the New Option Grant Date or the trading day preceding it. The Option Exchange not only benefited employees but also reduced the Company’s equity overhang by approximately 1.7 million shares.
Each of these proposals received approval from over 97% of the shares voted at the meeting.
About Cresco Labs Inc.
Cresco Labs is dedicated to advancing the cannabis industry by focusing on national brand development through a consumer packaged goods (CPG) approach and enhancing customer experiences in retail. The Company leads in cultivation, production, and distribution of branded products such as Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s, and Remedi across the nation. Cresco Labs also operates Sunnyside dispensaries nationwide, which are known for their patient and consumer-focused retail experiences that prioritize education and convenience. Additionally, through ongoing policy advocacy, community engagement, and SEED initiative efforts, Cresco Labs strives to foster economic opportunity, workforce development, and legislative advancements that promote a responsible and thriving cannabis industry.
For more information about Cresco Labs Inc., please visit their official website.
